I've gotten a lot of good feedback on different ways to do joint finances in a second marriage, which for those of you who are in one, it is different. So, my husband and I decided to keep our own accounts, and open a joint account for expenses. The thing is, though, that I don't know what to count as his/mine & ours. We include the $1,600 per month that I receive in child support as income, and the $725 that he pays out as a "bill". His 3 boys live with us 50% of the time, and my 2 girls live with us full-time. I think pretty much everything should operate out of the joint account, since we are both contributing about 75% of our income (including my child support...which makes my contribution $624 more per month than his) to the joint account, so shouldn't everyone's clothes, doctor visits, toiletries, medicine, etc. come out of this account, too? Is there anything that shouldn't come out of this account (other than gifts for one another)? Thanks for any insight on this.
2006-10-19 05:51:28 · 11 answers · asked by Anonymous in Family & Relationships ➔ Marriage & Divorce
dang, tough stuff. I don't have a good answer for you, but definitely use something like Quicken as you can separate it, join it, track it, budget it, etc.. good luck.
2006-10-19 05:58:17 · answer #1 · answered by Batman has left the building 3 · 0⤊ 0⤋
Here is what we do....
He has his account in which he pays his car and whatever nonsense he wants for himself. He has a set amount direct deposited straight into our joint account for household bills.
I have my own account that I pay my car from and all of my stuff, (clothes, make up etc). I also transfer $ into the joint account to cover stuff like groceries, gas, etc.
In my case, I make more $ than him, so I have more left over for fun stuff. I would feel kinda weird putting so much more in the joint as him. Why can't you put an equal amount in there?
I wouldn't worry too much about the child support stuff - girls are more expensive than boys, especially if the boys are only there 50% of the time. That probably all evens out anyway in the long run.
2006-10-19 06:03:39 · answer #2 · answered by Agent99 5 · 0⤊ 0⤋
It is good to have separate accounts for personal and joint account for household. This includes anything required by the family.....The personal account is for you to buy a special dress on sale or for him to buy a new suit... support any habits you might have, smoking, drinks... etc. expensive jewellry or perfumes.
All things for the childen that are health related and for both adults falls under house hold expenses.
It is not about who is contributing the most... this is a joint affair and there should be no mine, yours...stuff happening. You have a blended family and you both must be committed 100% to making it work, paying bills. There might be a time when you will have to add a little more to thehousehold pot.. sometimes extra things come up.... but definitely all things relevent to clothing, health, medicine doc visits one person should not be bearing the cost of... You are one family.....
everybody shares......in the success or failures...
2006-10-19 05:59:43 · answer #3 · answered by doclakewrite 7 · 3⤊ 0⤋
I think there will be time when you and your husband income is different. You more, he less, or he more you less. Right? Now the big question is that in a relationship, both husband and wife should put 70% of their income together. 20% for parent or kids. If the 20% is not use up, save it for a vacation. The remaining 10% use be personal spending. Because guy like video game, girl said no. Girl like shopping, men don't. So the 10% is personal.
2006-10-19 07:00:59 · answer #4 · answered by ken401lam 5 · 0⤊ 0⤋
Each should save 20% of income in personal accounts. The rest should go towards all other expenses.
2006-10-20 04:56:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Well, with my 2nd marriage (my hubby's 2nd one also) this is what we did. We put 50% of our pay in one account, the remainder stays in our own personal accounts and this is irregardless of child support which goes directly into a third account for my two kids. All their personal expenses comes out of the child support account. Household expenses comes out of our joint account. Then personal expenses, gifts, etc. comes out of our own personal account, unless it's a gift we are buying together then that comes from the joint account.
For you, the one wrong move I see on your part was with your child support. He has no claims on that as it's to be spend on your KIDS and not him. Take that part out and begin another account labelled "Kid expenses". Then, take the remainder of yours / his money and split it.
2006-10-19 06:08:58 · answer #6 · answered by GirlinNB 6 · 2⤊ 0⤋
In my opinion, unless you are going to strictly follow the yours, mine and ours and keep income and expenses seperate and split the joint bills 50/50, then everything will end up together anyway. When you marry, your lives are joined as one- all of it.
2006-10-19 05:57:55 · answer #7 · answered by punchy504 2 · 0⤊ 1⤋
i do not get it. Why struggle through all that? placed each and every of the money in a unmarried account and pay the expenditures, regardless of is left bypass to clothing and such. similar to a first marraige. What does being in a 2d marriage ought to do with some thing?
2016-10-16 05:37:51 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I'm not sure I can answer your questions, but my opinon; there should only be on account, ours. Having seperate accounts indiates to me a lack of trust somewhere. Again, this is just my opinon and doesn't really answer your question.
2006-10-19 05:58:48 · answer #9 · answered by Kenneth P 2 · 1⤊ 0⤋
$1600 in child support and you allow it to be apart of your/his income..........not right !
Who will be paying for your child's college years from now, your/his account ?
Some of that money should be put away for your girls !
2006-10-19 06:10:11 · answer #10 · answered by Sunflower 6 · 1⤊ 0⤋